...Strong Institutional Framework: Fitch Ratings classifies the institutional framework for subnational entities (local authorities) in New Zealand as "strong" because of their substantial disclosures, transparency of information, and a sophisticated borrowing vehicle. The subnationals are well developed compared with international peers. Exceptional Disclosure: Local authorities report a full accruals-based balance sheet, income statement, cash flow and a 10-year rolling long-term plan, which sets out revenue, expenditure and debt projections, and is updated continuously. Effective Transparency: All budgetary and financial information is readily and promptly publicly available, including audited financial statements and budgets. Fitch considers this level of disclosure and transparency to be optimal and to compare favourably with some international local and regional governments that only report budgetary flows. Good Control and Supervision: The Local Government Act 2002 Amendment Act 2012...
